Regulatory Alerts2020-01-01
Financial Regulatory Authority Board Decision No. (172) of 2020
The Financial Regulatory Authority (FRA) of Egypt issued Board Decision No. 172 of 2020 to amend the licensing framework for banks and non-banking financial companies operating investment funds. The amendment replaces the prior clause in Decision No. 58 of 2018 by mandating that investment funds prepare independent financial statements under Egyptian accounting standards and undergo audits by independent, Authority-registered auditors. It further enforces strict auditor independence from investment managers and related parties, caps single-auditor workloads at three simultaneous funds, and requires joint audit reports to disclose any disagreements and mitigate conflicts of interest.
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